Oil prices fell slightly as talks between the United States and Iran progressed, raising hopes for a de-escalation of bilateral tensions.

Oil prices stabilized during Asian trading on Wednesday after sliding roughly 2% in the previous session, as traders evaluated signs of movement in U.S.–Iran discussions while remaining wary about the likelihood of a near-term agreement that could ease supply risks.

Crude oil futures fell to two-week lows Tuesday following signs of progress in negotiations between the U.S. and Iran, pressured by easing geopolitical tensions in the Middle East. Iran's foreign minister said his country and the U.

Oil prices were in focus Tuesday as US President Donald Trump ramped up threats towards Iran, shaking up markets subdued by holidays in Asia and the United States.